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Investors have a new Luxembourg vehicle through which to structure their private equity and venture capital investment - the investment company in risk capital. Marc Meyers of NautaDutilh Luxembourg outlines the opportunities this creates

To integrate the European aquis communautaire and the OECD Principles on Corporate Governance into Romanian legislation, the Ministry of Justice has initiated a legislative project to amend the Romanian Company Law 31/1990. The proposed amendments do not make fundamental changes to the Company Law, but they are intended to provide investors with clearer guidelines, as a means to promote economic growth in Romania and a better understanding of the mechanisms of Romanian corporate law. The issues that the project aims to improve include:

The opportunities for finance leasing activities in Malta have been greatly enhanced by new Finance Leasing Rules, which although published in November 2005 apply to finance leases that commenced on or after January 1 2005.

Recently amendments to Latvia's tax laws have been passed regarding corporate income tax.

Indonesian banking law defines a Sharia principle as an agreement between a bank and other parties to maintain funds or financing for business activities based on Islamic laws, such as mudharabah (financing pursuant to profit sharing), musharakah (financing pursuant to capital participation), murabahah (sale and purchase of goods for profit), ijarah (financing of capital goods pursuant to the leasing principle) or ijarah wa iqtina (transfer of ownership over leased goods from a bank to other parties).

The feasibility of using a special purpose company (SPC) has long been an issue under the PRC Company Law. As the newly amended Company Law became effective on January 1 2006, arrangers and lawyers alike are reappraising the possibility of forming an SPC in project financing and securitization transactions.

Josée Weydert of NautaDutilh Luxembourg outlines the effects of Prospectus Directive implementation on offering or listing securities in Luxembourg

The UK Ministry of Defence completed the £1.34 billion ($2.35 billion) refinancing of the Skynet 5 private finance initiative programme. The deal restructures the original 2003 project and removes insurance risk by producing a reserve satellite. Freshfields, led by partner Nick Bliss, acted for defence contractor EADS and subsidiary Paradigm. Allen & Overy advised Citigroup and Goldman Sachs as joint lead managers, as well as Dexia as co-lead manager. The A&O team was jointly led by securitization partner David Krischer and project finance partner David Lee. Lovells acted for contractor EADS Astrium on the deal and Burges Salmon represented the MoD.

Dewey Ballantine and Cravath Swaine & Moore were the US legal advisers on Lottomatica's proposed acquisition of Gtech Holdings. The Italian lottery operator announced last month that it had reached an agreement to buy the US gaming technology company for around $4.8 billion. Dewey Ballantine advised Lottomatica through a team of lawyers from the firm's New York, Milan and London offices. Bonelli Erede Pappalardo was local Italian counsel to the company. Cravath's Philip Gelston and Sarkis Jebejian were the lead corporate partners for Gtech, with Edwards Angell Palmer & Dodge also working on the transaction. Shearman & Sterling and Gianni Origoni Grippo & Partners represented Credit Suisse First Boston and Goldman Sachs.

The Singapore government has, during the last two years, enacted a raft of legislative changes calculated to enhance Singapore's position as a leading financial and wealth management centre in Asia.